Allotment of New Ordinary Shares

ATHOL GOLD LIMITED

("Athol" or the "Company")

ALLOTMENT OF NEW ORDINARY SHARES

Further to the announcement made on 3 January 2012, the Board of Athol announces that it has allotted 305,432,127 new ordinary shares of £0.0025 each in Athol ("New Ordinary Shares") to shareholders in Worship Street Investment Limited in consideration for the acquisition of its investment portfolio.

Application has been made for 305,432,127 New Ordinary Shares to be admitted to AIM, which is expected to take place on 2 February 2012. The New Ordinary Shares will, when issued, rank pari passu with the existing ordinary shares in issue.

Following admission, the Company's enlarged issued share capital will comprise 929,002,857 ordinary shares with one voting right per share. The total number of voting rights in the Company is therefore 929,002,857.

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